City of Madison - File #: 72900

• File #: 72900
• Version: 1
• Name: General Obligation Promissory Notes
• Type: Resolution
• Status: Passed
• File created: 7/27/2022
• In control: Attorney's Office
• On agenda: 8/2/2022
• Final action: 9/6/2022
• Enactment date: 9/6/2022
• Enactment #: RES-22-00630
• Title: Authorizing the issuance of $72,355,000 General Obligation Promissory Notes, Series 2022-A, of The City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.
• Sponsors: Satya V. Rhodes-Conway

Date	Ver.	Action By	Action	Result
9/6/2022	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
9/6/2022	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
8/2/2022	1	COMMON COUNCIL	Refer	Pass
7/27/2022	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $72.3 million and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes.  These notes will be used to finance current year capital improvements authorized in the 2022 capital budget.  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 2.81%.  Repayment is scheduled over the next 10 years, including $17.9 million in interest payments

Title

Authorizing the issuance of $72,355,000 General Obligation Promissory Notes, Series 2022-A, of The City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.

Body

Please see Legistar File No. 72900 Body in Attachments.